529: 2025 Form 529 Small Business Guaranty Fee Credit (2025)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2025
Oklahoma Form 529 calculates the Small Business Guaranty Fee Credit for banks and credit unions. It reports eligible loan guaranty fees paid during 2025, unused credits carried over from prior years, and the total credit available to enter on Form 511-CR.
Who files this form
Form 529 is used to claim the Small Business Guaranty Fee Credit for eligible banks and credit unions that paid qualifying SBA 7(a) loan guaranty fees during tax year 2025, or have unused credit carried over from an earlier year.
The form lists state banking associations, national banking associations, and credit unions organized under Oklahoma law whose main office is in Oklahoma as eligible for the credit.
You cannot claim the credit if you added the guaranty fee to the borrower's financed amount or recovered it from the borrower in any other way. A bank or credit union making a federal Subchapter S election is not eligible because it is not subject to the “in lieu” tax.
What you'll need
- The name shown on your return and your Federal Employer Identification Number (FEIN).
- The first page of the authorization received from the SBA, or other proof of the guaranty fee.
- For fees paid during tax year 2025, a separate schedule listing each small business's name, FEIN, and business type, plus the guaranty fee amount and date paid for each business.
- For carryover credit, the unused amount and the tax year or years when the credit was originally established. Provide copies of Form 529 for the year the credit was originally established and all subsequent years.
Common mistakes
- Leaving out proof of the fee. The form specifically requires the first page of the SBA authorization or other proof of the guaranty fee.
- Not reporting transferred or allocated credits. These credits must be reported on OTC Form 569. The form warns that failure to file Form 569 will result in the affected credits being denied.
Questions people ask
How do I calculate the total credit available for tax year 2025?
Enter eligible guaranty fees paid during 2025 on line 1 and unused carryover credit on line 2. Add those amounts on line 3 and enter the total on Form 511-CR.
Can I claim the credit if the borrower reimbursed the guaranty fee?
No. The credit is not allowed if the bank or credit union adds the fee to the amount financed or otherwise recovers it from the borrower.
What happens if my credit is more than my tax liability?
Unused credit may be carried forward for up to five years from the date the credit was originally established. This also applies if no state income tax is due. Complete a Form 529 for each carryover year.
Can a bank or credit union with a federal Subchapter S election claim this credit?
No. The form states that these institutions are not subject to the “in lieu” tax and therefore are not eligible for the credit.